BAD CREDIT STATISTICS

Bad Credit Statistics

While it may not seem relevant, different states in America are well considered to have different credit ratings. In this post, we've centered on the results of the 2010 annual survey of credit reporting agencies in the United States, to see if we can uncover some of the statistics.

Here, we will look at the State with the best credit ratings, and States which are known for poor credit ratings. Following this analysis, you'll be able to tell exactly whether you are substandard, average, or higher than average with your individual credit score.

Top Credit Score States

So, which State in the United States traditionally gets the best and highest credit scores? The result which comes up most often is Minnesota. This State is closely followed by the Dakotas. In each one of these States, the average credit score sits at around 720 - that is relatively high on the credit rating scale.

Why is this score so impressive? It might be due to a number of reasons. Firstly, housing within these States is relatively cheaper in comparison to houses in other States. Hence, the fact that they are more affordable means that the rate of foreclosure is also much lower in these states.

It appears therefore that a direct link could be drawn between the rate of foreclosure and the rate where bad credit affected credit worthiness.

Worst Credit Score States

Following on from the above logic, it is clear that a State with a high rate of foreclosure will probably suffer from poor credit, and for that reason have worse credit scores than other States.

This is correct when you consider the state with the worst credit statistics - Nevada.
In Nevada, the common credit score is about 670 - quite poor compared to the best States on the market. Other States which rank with bad credit ratings are Texas, Louisiana, Mississippi, and South Carolina.

If you live in one of these areas, you should be aware that your possibility to acquire credit might be being hampered simply by the State that you live in.